Category: Judgments
In a recent judgment, ITAT Delhi following Pepsi Foods (P) Ltd case has granted stay beyond 365 days in a re-fixed appeal for clarification, holding that the delay was not attributable to the assessee. Case Law Details: S.A.-211/Del/2016 (In ITA No.-1681/Del/2015) AY: 2010-11 D.E.Shaw India Advisory Services Pvt.Ltd vs. DCIT …
Merely writing yes/approved and affixing signature by CIT is not proper satisfaction for a fit case for re-opening u/s 147 and issue of notice u/s 148 Merely writing “yes” or “approved” and affixing signature by the Commissioner of Income Tax (CIT) was not the required/proper satisfied for a fit case …
In a latest judgment, the Delhi High Court has held that activity of 2D/3D seismic survey carried on by assessee in connection with oil exploration was not fees for technical services u/s 9(1)(vii) but liable to taxation u/s 44BB. Case Law Details: ITA 612/2012 PGS Exploration (Norway) ….Appellant vs. …
In a latest judgment, ITAT Chennai has quashed penalty proceedings u/s 271(1)(c) for concealment holding that there is a difference in “facts not proved” and “facts disproved” and penalty can be levied only for the latter. Case Law Details: ITA No.1730/Mds./2015 Assessment Year :2010-11 Mr.R.A.Palanisamy vs. Income Tax Officer Date of …
In a latest judgment, Delhi High Court has quashed CBDT order rejecting refund of TDS deducted on penal interest treating it non-exempt u/s 10(15)(iv)(c) considering it as a result of violation/transgression of the loan agreement. The Court observed that the penal interest was imposed as part of the conditions of the …
In a latest judgment, ITAT Chennai has upheld that allowing set off of business loss from the unexplained cash credits u/s 68 not permissible in view of harmonious and combined reading of sections 71 , 72 and 32(2). Case Law Details: I.T.A.No.325/Mds./2015 vs. Assessment Year :2006-07 Deputy Commissioner of Income Tax …
In a recent judgment, ITAT Chennai has held that the assessee is not entitled to additional depreciation u/s.32(1)(iia) of the Income Tax Act, 1961 on the machineries acquired in earlier year than the relevant financial year as there is no provision for postponement or carry forward of the residual …
In a recent judgment, ITAT Mumbai has opined that merely because an income has been taxed in the hands of recipient , does not mean that it is a deductible expenditure in the hands of the person making the payment instead the deduction is required to be examined …
In a recent judgment, Allahabad High Court has held that right of appeal is a matter of procedure which gets converted into a substantive right as a creature of statute which cannot create a retrospective right. The appeal has to be filed within the limitation prescribed. Case Details: ITA …
“When substantial justice and technical considerations are pitted against each other, the cause of substantial justice deserves to be preferred” ITAT quotes Apex Court observation while condoning delay of seven days in filing appeal before CIT(A). Case Details: ITA No. 435,436,437 & 438/JP/2014 Assessment Years : 2006-07 to 2009-10 …
